Led by a large pool of players, the global market for image detection sensors have been displaying a consolidated and a competitive landscape, finds a new research report by Transparency Market Research, (TMR). The top four players in this market, namely, FLIR Systems, Cognex, Emerson Electric Co., and Texas Instruments Inc., accounted for more than 70% of this market in 2015.
With a lower scope of new companies entering the market, the competition within it is likely to remain so over the next few years, states the research report.
According to the study, the global image detection sensor market was worth US$9.67 bn in 2015. Rising at a CAGR of 9.60% during the period from 2016 to 2024, the opportunity in this market is likely to reach a value of US$22.01 bn by the end of the forecast period. In terms of technology, the CMOS segment has been leading this market and is expected to remain doing so in the near future, thanks to the increasing awareness among consumers regarding the benefits of CMOS, such as single chip IC integration and low power dissipation.
Asia Pacific to Continue as Market Leader
The report also presents a geographical analysis of the worldwide market for image detection sensors. According to it, the Middle East and Africa, Europe, North America, Latin America, and Asia Pacific are the key regional markets for image detection sensors across the world. In 2015, Asia Pacific led the global market with a share of more than 35%.
Analysts anticipate it to remain on the top over the forecast period, thanks to the increasing application of image detection sensing technology in automobiles, consumer electronics, and defense application in this region. The upswing in the application of thermal sensors in the aerospace and defense industry is also expected to drive the Asia Pacific market for image detection sensors in the near future.
On the basis of application, the market segments the global image detection sensors market into photography and imaging. The imaging segment has occupied the leading position in this market. However, photography has the necessary potential to rise further in the next few years.
Widespread Usage of CMOS and CCD Sensors in Various Cameras to Boost Market
“The global image detection sensor market is being heavily influenced by the rising application of image detection sensors in the automotive, consumer electronics, and the healthcare sectors, says an analyst at TMR. Nowadays, CMOS and CCD sensors are finding a widespread application in PC cameras, point-and-shoot cameras, mobile front and back cameras, tablet displays, and lighting solutions, which, coupled with technological advancements, is likely to boost this market substantially during the forecast period.
Going forward, the increasing application of image detection sensors in applications for photography in consumer electronics and the wide-ranging usage of CMOS sensors in smartphone cameras, owing to their cost efficiency will benefit this market remarkably over the next few years. However, the declining demand for still cameras and the increasing price sensitivity in the consumer products market may hamper the progress of the global image detection sensor market in the years to come, states the research report.